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Microsoft shut down its wholly owned FASA Interactive studios earlier this year, muddling the fate of popular FASA gaming adaptations in the MechWarrior and Crimson Skies series. But hope of new gaming installments from FASA properties has been restored, as electronic entertainment rights to MechWarrior, Shadowrun, Crimson Skies and other FASA works have been licensed by FASA founder Jordan Weisman's new venture, Smith & Tinker.

An announcement on Smith & Tinker's website revealed the news today, which had few details other than the licensing of the aforementioned properties from Microsoft. "We're not quite ready to announce our plans for each property, but please be assured that our goal is to surprise and delight old fans, while welcoming new fans to these fantastic worlds," the announcements reads.

A prolific entrepreneur, Weisman founded the original FASA role-playing company as well as the video game offshoot FASA Interactive, toy company Wizkids, and alternate reality gaming venture 42 Entertainment. His newest venture, Smith & Tinker, aims to pursue projects as a an interconnected amaglam of media types, spanning toys, games, books and movies.

Microsoft acquired the electronic rights to FASA properties when it acquired FASA Interactive in 1999 and formed FASA Studio. Microsoft closed the studio earlier this year after the poorly received Shadowrun (PC, X360), a first-person shooter based on the titular RPG.

It's unknown if this agreement will affect the fanmade project Mechwarrior: Living Legends, as Microsoft granted the mod team use of BattleTech properties in its Crysis (PC) conversion after the closing of FASA Studios.